v3.21.2
Consolidated Statements of Income - USD ($)
$ in Millions
 12 Months Ended
May 31, 2021
May 31, 2020
May 31, 2019
Income Statement [Abstract]      
REVENUE [1] $ 83,959 $ 69,217 $ 69,693 [2]
OPERATING EXPENSES:      
Salaries and employee benefits 30,173 25,031 24,776
Purchased transportation 21,674 17,466 16,654
Rentals and landing fees 4,155 3,712 3,360
Depreciation and amortization 3,793 3,615 3,353
Fuel 2,882 3,156 3,889
Maintenance and repairs 3,328 2,893 2,834
Business realignment costs 116   320
Goodwill and other asset impairment charges   435  
Other 11,981 10,492 10,041
OPERATING EXPENSES 78,102 66,800 65,227
OPERATING INCOME 5,857 [3] 2,417 [4] 4,466 [5]
OTHER (EXPENSE) INCOME:      
Interest expense (793) (672) (588)
Interest income 52 55 59
Other retirement plans income (expense) 1,983 (122) (3,251)
Loss on debt extinguishment (393)    
Other, net (32) (9) (31)
OTHER (EXPENSE) INCOME 817 (748) (3,811)
INCOME BEFORE INCOME TAXES 6,674 1,669 655
PROVISION FOR INCOME TAXES 1,443 383 115
NET INCOME $ 5,231 $ 1,286 $ 540
BASIC EARNINGS PER COMMON SHARE $ 19.79 $ 4.92 $ 2.06
DILUTED EARNINGS PER COMMON SHARE $ 19.45 $ 4.90 $ 2.03
[1] International revenue includes shipments that either originate in or are destined to locations outside the United States, which could include U.S. payors. Noncurrent assets include property and equipment, goodwill and other long-term assets. Our flight equipment is registered in the U.S. and is included as U.S. assets; however, many of our aircraft operate internationally.
[2] Prior year amounts have been revised to conform to the current year presentation.
[3] Includes TNT Express integration expenses of $210 million. These expenses are included in “Corporate, other and eliminations” and the FedEx Express segment. Also includes business realignment costs of $116 million included in the FedEx Express segment.
[4] Includes TNT Express integration expenses of $270 million. These expenses are included in “Corporate, other and eliminations” and the FedEx Express segment. Also includes noncash goodwill and other asset impairment charges of $435 million primarily related to goodwill impairment at FedEx Office and from the decision to permanently retire certain aircraft and related engines at FedEx Express.
[5] Includes TNT Express integration expenses (including restructuring charges) of $388 million. These expenses are included in “Corporate, other and eliminations” and the FedEx Express segment. Also includes business realignment costs of $320 million included in “Corporate, other and eliminations” and costs incurred in connection with the settlement of a legal matter involving FedEx Ground of $46 million.